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Tuesday's Top Analyst Upgrades and Downgrades: AIG, APA, Etsy, Goldman Sachs, Morgan Stanley, Wayfair, Workday and More
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The futures were lower after yet another down day across Wall Street that saw all the major indexes close lower to kick off the first big third-quarter earnings reporting week. Some of the biggest banks are due to report on Friday, but all eyes across Wall Street will be focused on the consumer price index (CPI) data for September due Thursday morning.
According to published Bloomberg forecasts, the headline CPI for September is expected to show a slight moderation on a year-over-year figure to 8.1%, versus the 8.3% for August. While cooler than some of this summer’s prints, the number still will come in way above the Federal Reserve target of 2%. There also seems to be a degree of trepidation in front of third-quarter earnings on mounting fears that estimates for 2023 will have to come down as companies are facing an inflation-ravaged consumer and wage costs that are rising, among other issues.
The Treasury market was closed for the Columbus Day celebration, so it will be interesting to see if the sellers from last week return Tuesday and the rest of the week.
Brent and West Texas Intermediate crude both took a breather on Monday, closing lower after jumping last week following the OPEC announcement of a massive 2 million barrel per day production cut. Natural gas closed down almost 5% Monday, but the potential for a big jump higher lurks as the fall weather starts to cool and Europe will be scrambling for supply this winter. Gold and Bitcoin both closed lower Monday, as the crypto giant slid under the $20,000 level.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Tuesday, October 11, 2022.
American International Group Inc. (NYSE: AIG): Goldman Sachs resumed coverage of the financial services and insurance giant with a Buy rating and an $83 target price. The consensus target is $67.10, and the closing share price on Monday was $48.44.
APA Corp. (NASDAQ: APA): Truist Financial raised its $70 target price to $75 and reiterated a Buy rating. The consensus target is $53.46. The stock closed over 3% lower on Monday at $41.17.
24/7 Wall St.C3.ai Inc. (NYSE: AI): Canaccord Genuity resumed coverage with a Hold rating and a $14 target. The consensus target is $15.63. The stock closed on Monday at $12.19.
DigitalOcean Holdings Inc. (NASDAQ: DOCN): Canaccord Genuity resumed coverage with a Buy rating and a $49 target. The consensus target is higher at $55.27. Monday’s close at $35.53 was down almost 4% on the day.
Etsy Inc. (NASDAQ: ETSY): Goldman Sachs began coverage with a Buy rating and a $130 target price. The consensus target is $117.68, and Monday’s close was at $108.97.
Euronet Worldwide Inc. (NASDAQ: EEFT): Keefe Bruyette cut its Outperform rating to Market Perform and lowered the $124 target price to $90. The consensus target is up at $129.67. The shares closed on Monday at $75.89.
Fate Therapeutics Inc. (NASDAQ: FATE): Canaccord Genuity initiated coverage with a Buy rating and a $42 target price. The consensus target is up at $74.05. The stock closed at $21.32 on Monday.
Global Medical REIT Inc. (NYSE: GMRE): Baird downgraded the shares from Outperform to Neutral with a $9 target. The consensus target is $14.25. The shares closed over 3% lower on Monday at $7.27.
Goldman Sachs Group Inc. (NYSE: GS): Jefferies reiterated a Buy rating on the Wall Street colossus and has a $355 target price. The consensus target is higher at $384.16. The stock closed on Monday at $300.54.
Howmet Aerospace Inc. (NYSE: HWM): BofA Securities started coverage with a Buy rating and a $40 target price. The consensus target is $42.83. The final trade for Monday was reported at $32.94 a share.
Lincoln National Corp. (NYSE: LNC): The Jefferies downgrade to Hold from Buy included a target price cut to $51 from $55. The consensus target is $58.50. Monday’s close was at $45.85.
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